TORONTO, ONTARIO–(Marketwired – Sept. 15, 2017) – Reliant Gold Corp. (“Reliant Gold” or the “Corporation“) (TSX VENTURE:RNG) is pleased to announce that it has completed a summer 2017 prospecting and surface sampling program at its East Bay Property, located in the McVicar Lake area of northwestern Ontario, Canada.
The East Bay Property comprises 56 mineral claim units totaling 896 hectares (the “Property“) and is located approximately 90 kilometres west of Pickle Lake, Ontario and 130 kilometres southwest of Goldcorp Inc.’s Musselwhite Gold Mine.
The Property is the site of multiple historical gold occurrences including (1) the Altered Zone; (2) the North Flexure Zone; and (3) the Apple Island Zone. In addition, the Property hosts a historical copper-nickel occurrence enriched in the platinum group metals known as the Hoey Syndicate Occurrence. All four of these occurrences on the Property are registered in the Ontario Ministry of Northern Development and Mines (“MNDM“), Mineral Deposit Inventory (“MDI“) database.
Reliant Gold completed a three-day summer prospecting and surface sampling program (the “2017 Program“) at its Property in order to evaluate its prospectivity for hosting potentially economic gold mineralization. The 2017 Program was carried out on behalf of the Corporation by geological consultant, Dr. Trevor Boyd, Ph.D., P.Geo., who is also a Qualified Person as that term is defined by National Instrument NI 43-101 (“NI 43-101“).
Approximately $15,000 was allocated towards the 2017 Program to carry out a program of prospecting and surface sampling at the Property during the month of September 2017. The 2017 Program follows-up on the sampling program completed by Reliant Gold in 2016 (News Release, October 17, 2016) whereupon samples taken from gold occurrences had returned values of up to 86.461 g/t Au.
The purpose of the 2017 Program was to further evaluate the historical gold showings and locate historical drill collars in the vicinity of the Apple Island Zone and the Altered Zone of the Property, and identify new targets for follow-up exploration work. The 2017 Program focused on confirming previously reported gold values along the west northwest trending fault system and finding new targets for follow-up geophysical survey and drill testing. Based upon the surface evaluation and review of the previous work, the Altered Zone remains open along strike to the east where it becomes covered by overburden while the Apple Island Zone has never been drilled and remains open for expansion in three directions.
A total of 35 rock chip and grab samples were collected and then delivered by bonded courier directly to Activation Laboratories Ltd. (“Actlabs“), at their Thunder Bay, Ontario location, for assaying and testing for gold and silver. Actlabs is an ISO – 17025 accredited laboratory providing geochemistry analysis to the mining industry. A gold standard and silica blank were inserted with the batch of samples submitted for mineral analysis.
Results of the assaying and testing of the samples collected at the Property are now pending, and will be announced when available.
Dr. Trevor Boyd, Ph.D., P.Geo., geological consultant and a Qualified Person as defined by National Instrument NI 43-101 (“NI 43-101“), supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
ABOUT RELIANT GOLD
Reliant Gold is a junior mineral exploration company engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant Gold currently holds a 100% interest in the East Bay Property, comprised of 56 mineral claim units totalling 896 hectares in the McVicar Lake area, located approximately 90 kilometres west of Pickle Lake, Ontario, and 130 kilometres southwest of Goldcorp Inc.’s Musselwhite Gold Mine.
In addition, Reliant Gold holds a one-percent (1%) royalty on the net smelter returns from the future production and sale of minerals from Borden Lake South (the “NSR“), with Goldcorp Inc. having the right, at any time, to purchase fifty percent (50%) of the NSR from Reliant Gold by making a cash payment of $500,000 (plus any applicable taxes) to Reliant Gold, and a right of first refusal in favour of Goldcorp Inc. with respect to any future transfers of the NSR by Reliant.
The common shares of Reliant Gold trade on the TSX Venture Exchange under the stock symbol ″RNG″. The Corporation has 23,245,169 common shares issued and outstanding.
Certain statements in this press release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Reliant Gold or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Reliant Gold with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in Reliant Gold’s prospectus and in other continuous disclosure documents that are filed by Reliant Gold from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Reliant Gold, its prospects and the risks and uncertainties relating to Reliant Gold and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Reliant Gold to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Reliant Gold cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. Reliant Gold does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chairman, President, CEO and Director
Reliant Gold Corp.